Tax Compliance & Tax Consulting

Overview

Our tax compliance and consulting services team helps clients design a comprehensive plan to reach their financial objectives. Our professionals analyze the current status of clients' investments, tax, insurance, retirement and estate plans. We dissect each component and make recommendations for improvements. Because the elements of a sound financial plan are interwoven, Grassi & Co.'s tax services professionals regularly monitor the plan and assist in making modifications that reflect clients' changing needs, goals and priorities.

Newsletters & Alerts

On October 19, 2018 the Treasury and IRS issued proposed regulations on the new Opportunity Zone Tax incentive created by the Tax Cuts and Jobs Act (TCJA) encouraging economic growth and development through private investment in specific low-income or rural communities and disaster areas.

For the past eight months, tax practitioners have been reviewing and interpreting the Internal Revenue Code (“IRC”) associated with the pass-through deduction (Sec. 199A) and awaiting additional guidance.

The Tax Cuts and Jobs Act of 2017 created code section 1400Z, which is designed to encourage economic growth and development through private investment in specific low income or rural communities and disaster areas.

On April 12th, Gov. Andrew Cuomo signed into law the New York State budget bill, that among other things, created an employer payroll tax and new charitable contribution funds to offset the impact of the $10,000 federal cap on state and local tax deductions under the Federal Tax Cuts and Jobs Act.

The IRS announced on March 13th its intention to end the 2014 Offshore Voluntary Disclosure Program (“OVDP”) on September 28, 2018. Many tax practitioners knew this was inevitable but didn’t know when it would happen.

The Tax Cuts and Jobs Act (H.R. 1) is the biggest tax overhaul in over 30 years. With such an extensive revision of the tax code, the Architectural and Engineering industry will be deeply affected by these changes. Below are the key areas that will impact the industry.

As reported by Reuters, President Donald Trump and congressional Republicans are now tackling tax reform. Tax staffers are meeting in the House of Representatives and the Senate through the August break to work on legislation that is expected to be unveiled next month.

On July 7, 2017 the internal revenue service issued Notice 2017-38, 2017-30 IRB[1] which announced the implementation of Executive Order 13789. Executive order 13789 was issued by President Donald J. Trump on April 21, 2017, and was a directive designed to reduce tax regulatory burdens.

In the competitive world of investing, it could be quite tough to launch your fund, seek capital and then deploy that capital. But what about keeping it going so that you can reap the rewards? Although many things happen that are beyond one’s control, any of these, by themselves, are enough to cause investors to flee. They could include a host of things including underperformance to a benchmark, losses over time, volatility, lost faith in management, or even a sudden loss of interest in a certain type of investment style or sector.

If you are in the process of selling real estate for a profit—whether you are an investment professional or not—your goal is to most likely defer your taxes. If so, it’s a safe bet that you’ve heard of the term “1031 exchange”.There is plenty of information floating around that makes it possible for the novice to perform the 1031 exchange steps.

As a result of the enactment of the American Taxpayer Relief Act of 2012, portability was made permanent in the transfer tax system. But what is portability and how does it affect individuals who remarry?

The Financial Accounting Standards Board, (“FASB”) established the Simplification Initiative with the goal of simplifying the complexity of the financial information reported to investors and other users while reducing the cost of preparing the financial statements.

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About us

Grassi & Co. is an independent member firm of Moore Stephens North America, which is itself a regional member of Moore Stephens International Limited (MSIL). All the firms in MSIL are independent entities, owned and managed in each location. Their membership in, or association with, Moore Stephens International Limited should not be construed as constituting or implying any partnership between them.